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the company purchased for $5,600,000 a mine estimated to contain 2 million tons of ore....

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Accounting

the company purchased for $5,600,000 a mine estimated to contain 2 million tons of ore. When the ore is completely extracted the land is expected to be worth $400,000. A building and equipment costing $2,800,000 were constructed on the site and they will be worthless and abandoned when the mine is exhausted.During the first year 780,000 tons of ore were mined. and $450,000 was spent for labor and other operating costs. Compute the total cost per ton of ore mined in the first year.

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